How much should the father deposit at the end of each year, Operation Management

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How much should the father deposit at the end of each year

On the day his son was born, a father decided to establish a fund for his son's college education. The father wants the son to be able to withdraw $4000 from the fund on his 18th birthday, again on his 19th birthday , again on his 20th birthday ,and again on 21st birthday. If the fund earns interest at 8.5% per year ,compounded annually ,how much should the father deposit at the end of each year, up through the 17th year ? Answer is : $370.95

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Operation Management: How much should the father deposit at the end of each year

Reference No:- TGS0562687

Have a Question? (oR Write a Review)

Recent Questions Asked Operation Management

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Operation Management: How much should the father deposit at the end of each year

Reference No:- TGS0562687

Recent Questions Asked Operation Management

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